City of Las Vegas Business License Requirements
By: Kolleen Kelley, GLVAR 2012 President, 5/1/2012
|From:||President Kolleen Kelley|
|Re:||City of Las Vegas Business License Requirements|
The City of Las Vegas made some recent modifications to the Business License Code that reduces some of the fees and burden on our Members. These changes will go into effect on June 1, 2012.
First, the new code makes the Real Estate Business License (BL) an annual requirement as opposed to a six-month renewal. Second, the license combines two previously assessed categories, Real Estate (RE) and Property Management (PM), into one license.
|OLD CODE COST: $500 (Annual)||NEW CODE COST: $200 (Annual)|
|RE BL Application Fee:||$50||Combined RE/PM Application Fee:||$50|
|PM BL Application Fee:||$50||Combined RE/PM License Fee:||$150|
|RE License Fee:||$200|
|PM License Fee:||$200|
As you are well aware, being independent contractors is a paramount distinction in the Real Estate profession. This new code change brings local licensing codes into alignment with state real estate regulations. Under the new code, individual licensees will be required to obtain their municipal business licenses just as they are required to obtain their own Real Estate License from the State of Nevada and their own Business License from the State of Nevada. The individual requirement for a $200 State Business License has been Nevada Law since 2003.
Brokers are required to verify that their agents have valid state and local licenses before conducting business with the independent contractor. It is the responsibility of the agent to acquire the licenses and the responsibility of the broker to verify that proper licenses have been acquired prior to conducting business. Failure to ensure such licensing shall subject the business license of the Broker to disciplinary action, in addition to any other remedy available to the City. The City may also impose a fine on the Broker in the amount of $300 for each independent contractor that is not properly licensed by the City. This fine can be reimposed annually until compliance is achieved. For risk management purposes, brokers may wish to create a system to track the annual renewal dates of their licensees, just as they do real estate licenses.
Bottom Line: You are required to get a business license in the City of Las Vegas if: 1) your office (location of where your real estate license is hung) is located in the City of Las Vegas or 2) you manage a property located in the City of Las Vegas (and your real estate license is hung outside the City).
The State Business License application can be found at http://nvsos.gov/index.aspx?page=419
The City of Las Vegas Business License application can be found at http://www.lasvegasnevada.gov/Apply/23707.htm
Please contact the Government Affairs Department at (702) 784-5000 if you have questions or concerns.
Published in: REALTOR® Bytes